President Trump has threatened both Mexico and the European Union with new tariffs set at 30%, effective August 1, if trade agreements are not made. This follows a previous tariff increase on Canadian imports to 35%. In addition, rumors suggest that the President may attempt to remove Federal Reserve Chairman Jerome Powell, using cost overruns from a renovation project as a justification for termination. As a result of this economic uncertainty, the stock market has shown signs of decline.
President Trump threatened both Mexico and the European Union with new tariff rates up to 30% over the weekend, set to start August 1 unless trade agreements are reached.
The President has indicated a desire to oust Federal Reserve Chairman Jerome Powell, citing cost overruns as a potential reason for this action.
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